The global gaming market projected to grow beyond half trillion dollars by 2030

global gaming market

Report forecasts a compound annual growth rate for the industry exceeding 10 per cent

A recent market size, share, and trends analysis and forecast report by U.S.-based market research and consultancy company Grand View Research, Inc. expects the global gaming market to reach a value of $504.29 billion by the year of 2030 expanding at a compound annual growth rate (GARG) of 10.2 per cent from its 2021 estimated size of $202.64 billion.

The growth will be fueled by the rising popularity of mobile gaming across online casino, real money and casual genres, esports and live streaming of games, as well as multiplayer gaming which has enhanced user experience and added a socializing element by enabling players to interact with each other.

The market expansion on the global scale will also be facilitated by innovations and technological advances in hardware and software alike, as well as the growing adoption of tech in the different regions of the world. The rising internet penetration and the growing ease of access of games over the digital medium will further drive the global gaming market in the upward direction.

The advance of 5G networking with its extra high mobile data transfer speeds and ultra low latency values will significantly lower issues such as gaming lag and improve user experience in cloud gaming. The fifth generation mobile services will also enable game developers to innovate more and enhance gaming experience for online customers.

Issues related to mental health, addictions and obsessive gaming, as well as problems related to cheating and fraud with gaming transactions will act as restraining factors for the growth of the global gaming market.

Market Divisions by Type, Device and Geographical Regions

Dividing the gaming market by type into offline and online, the Grand View Research report projects a CAGR of roughly 13.0 per cent for the online segment during the forecast period. The expansion of online gaming will be driven by the increasing traction of real money casino app games and other forms of gaming based on real money, as well as by the growing adoption of multiplayer games that can be played online from remote locations.

Technological advances such as Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and others have brought more users to the realm of online gaming. The rising number and popularity of esport events and multiplayer gaming keep expanding the market reach of the industry on a global scale.

The study segments the global gaming market into console, mobile, and computer devices. The console segment had a market share of around 31.0 per cent as per 2021 estimates and is projected to experience the fastest growth rate between 2022 and 2030.

Consoles have a number of advantages over other device types, such as ease of use, affordability, absence of a need to upgrade, wireless controllers that provide an active gaming experience, and multiplayer options to play with friends who also own a console.

New top-grade console devices such as the Xbox Series X and PlayStation 5 feature ray tracing graphics rendering, capability for 4K gameplay with frame rates of up to 120 fps, and ultra fast load times. The enhanced gaming experience promised by such consoles will drive the growth of the segment over the forecast period.

Separating the world’s gaming market by geographical regions, Asia Pacific had a clear dominance in 2021 generating around 50.0 per cent of the global gaming revenues. The region is also expected to display the highest CAGR over the forecast period approaching the 11.0 per cent threshold.

The region is home to several major local gaming markets such as China, Japan, South Korea, and India. A number of Chinese game developers have been using a multitude of tactics and strategies to enlarge their user base and have integrated social media networks into games fueling the growth of the market in the region.

The other regions covered by the Grand View Research report are North America, with insights into the U.S. and Canada markets, Europe, with sections dedicated to the U.K. and Germany, Latin America, paying special attention to the Brazilian market, as well as the Middle East and Africa.

Other articles from mtltimes.ca – totimes.ca – otttimes.ca

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